CoinSwitch Review

Despite the country's strained historical relationship with cryptocurrency, India’s crypto trading market is on the boom – and so are its homegrown crypto exchanges. In this CoinSwitch review, I’ll tell you all about the spot and futures CEX that has captured the largest share of the Indian crypto user base.

Founded in 2017, CoinSwitch boasts over 20 million users, 500+ employees, and the financial backing of some of the world’s leading investment firms, including Tiger Global. This platform offers spot trading with more than 250 assets, 430+ USDT-M perpetual contracts, and a sophisticated AI trading system with 17 trading bots.

Is CoinSwitch India’s users' best bet, though – or should the crypto enthusiasts in this country opt for the time-tested global industry leaders like Binance, Kraken, or KuCoin instead? There’s no better way to find out than diving straight into this CoinSwitch review with me!

CoinSwitch Review: Quick Overview

Before we get started, let me give you a snapshot of CoinSwitch’s key features and characteristics:

Table: Quick overview of CoinSwitch

See anything you like? Stick with me for the full tour, where I’ll delve deeper into all of these features and show you around!

CoinSwitch Alternatives

Every category has its benchmark performers, and crypto exchanges are no exception. Meet CoinSwitch’s top 5 strongest competitors:

• Binance. One of the largest and most popular global exchanges offers 400+ cryptocurrencies and supports margin, futures, options, copy, and P2P trading.
• Kraken. Launched in 2011, this platform is one of the oldest CEXs. It has margin and futures trading and supports several fiat currencies for spot trading.
• KuCoin. This exchange features competitive fees, robust security, and a selection of 700+ assets. You’ll find multiple trading types, as well as staking and earning options.
• HUOBI. With its ~46 million active users across 150+ countries, this platform offers above-average liquidity and a selection of 600+ cryptocurrencies, as well as USD and EUR trading pairs.
• CEX.IO. On this trading platform, you’ll get spot trading with 500+ assets, a user-friendly interface and affordable trading fees.

	KRAKEN	BINANCE	KUCOIN
Overall Score	9.8	8.1	7.9
Best For	Beginners	Advanced Users & Beginners	Best for Buying & Selling Crypto with Small Fees
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	Turkey, Argentina, Vietnam, Ukraine, + 180 more	United Kingdom, India, Russia, Mexico, + 150 more
Latest Coupons	Visit Site All Kraken Coupons	See All Coupons of Best Exchanges	See All Coupons of Best Exchanges
Verdict	One of the best crypto exchanges, especially in the US.	One of the leading crypto exchange platforms in the industry.	A reliable and well-established cryptocurrency exchange platform.
	Visit site Read review	See TOP10 Brands Read review	See TOP10 Brands Read review

Table: Binance, Kraken, and KuCoin comparison

Is CoinSwitch legitimately a better alternative for Indian users than these three? I’ll give my best shot at answering this question in a detailed side-by-side analysis section below.

Did you know?

Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

Yes! Show me the Comparison Chart

Who’s CoinSwitch For?

Every product needs a market – and every exchange is built with a specific user base in mind. Drawing from my own research and experience with CoinSwitch, I'd say you should give it a try if you fall into any of these demographics:

• Users in India. To reiterate what you’ve already glimpsed in the overview, CoinSwitch is only available in India. Which comes with certain perks, such as an option to trade with INR, whereas most other exchanges only offer USD and EUR if they have fiat trading to begin with.
• Busy and/or active traders. CoinSwitch’s trading bots and Systematic Investment Plan are perfect for traders who prefer automated solutions and time-saving options.
• Experienced traders. This platform’s generous selection of 430+ USDT-M perpetual contracts with up to 50x leverage should appeal to veteran traders looking for something more adventurous.

All in all, it’s clear that CoinSwitch has something to offer for quite a few different groups. Even if you don’t see yourself among them yet, it’s never too early to look ahead and consider your future options.

Advantages

Let’s kick things off with the positives. Here are the features that impressed me while I was examining the platform for this CoinSwitch review:

• Advanced automated trading;
• Systematic Investment Plan;
• Recovery program.

CoinSwitch comes with an algorithmic trading package that includes 17 trading bots with unique strategies crafted by the platform’s team of experts. What’s more, you’ll be able to trade for free for the first 30 days!

Another feature hardcore optimizers will love is CoinSwitch’s Systematic Investment Plan. It allows users to buy a fixed amount of crypto once a month for a set period of time to exploit market price fluctuations.

Finally, there's a little treat for users of another popular Indian exchange, WazirX. In response to the cyber attack the platform suffered in July 2024, at the moment of writing, WazirX "refugees" are invited to sign up on CoinSwitch and earn up to 15,000 INR to help cover their losses.

Limitations

And now, it’s time to dish out some criticism. Here’s where CoinSwitch falls short (in some cases, quite woefully so):

• No crypto withdrawals;
• No credit/debit card purchases;
• No margin trading or staking;
• High spot trading fees.

Hands down, the most glaring flaw is the lack of crypto withdrawals. Yes, you read that right – as of writing this CoinSwitch review, the exchange only allows you to withdraw INR. There’s no way to get your crypto off the platform. The company promises that this is only a temporary state of affairs but doesn’t specify when users can expect to access this functionality again.

Deposits and purchases are somewhat limited, as well. You can only buy crypto with a bank transfer, as debit/credit card purchases aren’t supported. Crypto deposits are only available on the web app, as opposed to the mobile apps.

Finally, despite the company’s claims to the contrary on its website, CoinSwitch has fairly high spot trading fees – 0.4% for both takers and makers. Even those on the highest VIP tier still have to pay 0.04%.

Trading Tools

Now that you have an idea of what to expect, let’s unpack this exchange feature by feature – starting with trading. On this platform, you’ll find:

• Direct crypto buying;
• Automated monthly crypto purchases;
• Spot trading with 250+ cryptocurrencies;
• USDT-M perpetual contracts with 10x - 50x leverage;
• 17 automated trading bots.

Like most exchanges, CoinSwitch lets you buy crypto the simple way – through a direct purchase. Unfortunately, the only fiat currency it supports is INR, and there’s no option to convert one crypto to another.

On the bright side, there’s a neat way to implement the Dollar-cost averaging strategy (only with INR instead of USD) through the platform’s Systematic Investment Plan. Here’s how it works: you select a crypto you want to keep buying at regular monthly intervals for up to 5 years. The minimum amount you have to invest is 100 INR, while the upper threshold is 2,50,000 INR.

Let’s talk about actual trading next. The trading mode (called CoinSwitch Pro to differentiate it from the simple buy option) features a full-fledged trading interface with 250+ cryptocurrencies available for spot trading, including:

• BTC
• ETH
• SOL
• ADA
• DOGE

To be honest, this selection isn’t that impressive compared to some other exchanges. If it came to CoinSwitch VS HUOBI, for instance, my money would definitely be on the latter for its 600+ asset collection.

All the CoinSwitch spot markets are paired with INR – you won’t be able to trade one crypto for another. The only available order types are limit and stop-limit.

Futures trading is another story. What you’ll see is a much more conventional package of 430+ perpetual contracts margined with USDT. Users who prefer leveraged trading won’t be disappointed, either – some coins like BTC and ETH have as high as 50x, while the more volatile altcoins and meme coins, such as TRUMP and ARC, offer between 5x and 40x leverage.

CoinSwitch’s flagship feature is its advanced automated trading program called “SmartInvest”. The program’s page will take you to a gallery of 19 trading bots built to execute specific trading strategies devised by a team of experts. The bot names are a bit whimsical, but their description reveals popular trading strategies like arbitrage, market-making, HODL, and others.

Getting started is straightforward: pick one of the available options, enter the amount you want to invest, and choose the duration. The bots work by automatically executing trades based on predefined rules and conditions.^[1]

The creator gets a 20% share of your profits made with the use of their software, and the program must run its course until the specified date, meaning that you won’t be able to quit early.

Fees and Limits

At this point, you’re probably eager to find out how much it costs to trade on Coinswitch. Let me give you a summary of the exchange’s fees right here:

Table: CoinSwitch fees

As it turns out, CoinSwitch is quite pricey compared to some other platforms in the same league. For instance, in a comparison of CoinSwitch VS CEX.IO, our exchange in question definitely comes off looking worse. The fees for spot trading on CEX.IO are 0.15% for makers and 0.25% for takers.

CoinSwitch does have a tiered system to slightly make up for it, but even on the highest VIP tier, you’d still be paying 0.04%. Interestingly, the exchange doesn’t differentiate between makers and takers for spot trading – both pay the same rates.

Futures trading fees are closer to those of the more popular exchanges, though – so if I were you, I’d probably stick to perpetual contracts on CoinSwitch and get my spot trading fix somewhere else! 

To end this section on a high note, withdrawals are completely free, although, as I said, you can only withdraw INR.

User Experience

User-friendliness can be hard to gauge objectively – more often than not, it’s a "you’ll know it when you see it” sort of thing. Writing this CoinSwitch review made me dissect this platform from every angle and really get to know it inside–out.

Is CoinSwitch legitimately the best-designed crypto exchange I’ve seen? I certainly wouldn’t go that far, but overall, I’ve had a pretty satisfying experience with it.

The exchange features an intuitive trading interface on both the web and mobile apps. The former has a handy retractable asset selection panel on the right – you can bring out the full list simply by hovering on the icon of the asset you want to trade.

However, the mobile app has one major flaw: it doesn’t allow deposits. As a side note, if you want to learn how to deposit money on CoinSwitch, keep an eye out for the tutorial section below!

One of the best things about the exchange's interface is that the buy pages all include a built-in calculator that tells you how much your investment would be worth today if you'd bought the coin on any specific past date, which is incredibly useful when you're trying to crunch the numbers and determine the best window for buying.

The website has several more types of calculators at the bottom of the homepage, including:

• Interest calculator;
• Tax calculator;
• Gratuity and retirement calculators;
• Government investment scheme (NPS) calculators.

One of the platform’s standout UX features used to be the option to place trades on other exchanges (namely, CoinDCX) through the CoinSwitch Pro trading interface, but the company has recently suspended this feature.

As for the account management, both the CoinSwitch login and sign-up process require your mobile phone number, which isn’t unusual for India-based exchanges, and I wouldn’t say it’s any more inconvenient than logging in with your email.

Security

Time to grapple with the million-dollar question: "Is CoinSwitch safe?".

The company’s website is somewhat vague regarding its security measures. However, I was able to extract the essential information while examining the platform during my research for this CoinSwitch review. In line with most centralized exchanges, CoinSwitch utilizes KYC and 2FA, as well as advanced encryption.

That said, there’s no mention of cold storage for user funds. On the other hand, the platform does have a 1:1 reserve and audits to prove it (the latest report was released in May 2024). CoinSwitch also holds the Service Organization Control (SOC) 2 Type II certification – a voluntary compliance audit carried out by an independent CPA.^[2]

In addition, the platform holds the Indian FIU (Financial Intelligence Unit) license, meeting the local crypto exchange regulations.

Customer Support

When it comes to customer support, both my own experience and other users’ CoinSwitch reviews offer a mixed bag.

Whenever you find yourself in a pickle, you can reach out to the support team via email or ticket. The chatbot option, however, is a bit questionable. Although the icon in the bottom right corner looks like the 24/7 chatbot you’d typically see on many exchanges, it isn’t a live AI bot. It’s merely another interface for email inquiries. You’ll be asked to provide both your email and phone number.

As for social media, CoinSwitch maintains several channels: X (formerly Twitter), Instagram, Facebook, YouTube, and LinkedIn.

Bonuses and Special Offers

CoinSwitch has a number of promotional and reward programs, although these aren’t as extensive as what you’d find on some other popular CEXs.

The exchange doesn’t have a dedicated affiliate program, but it does offer a referral system (I’d be very surprised if it didn’t – this feature is practically ubiquitous these days). You can send an unlimited number of referral links, and the referee must complete three steps for the deal to count:

• Sign up on CoinSwitch through the referral link.
• Complete the KYC and bank verification.
• Initiate a trade on CoinSwitch Pro.

In return, you earn 20% of your referee’s trading fees. The rewards are paid out daily.

The “Recovery Program” is another commendable initiative, although it’s directed at a very specific demographic – users of the WazirX exchange, which allegedly experienced a hacking attack in July 2024. Affected users who can provide proof of their losses can claim a reward of up to 15,000 INR if they sign up on CoinSwitch.

The final deal option I’m going to cover is a bit more unconventional – and perhaps less convenient – since you have to leave the exchange first, but it’s still worth considering if you’re a fan of easy discounts. Some websites offer CoinSwitch coupons that provide perks such as 1% cashback. After you claim the coupon on the website, you’re redirected to CoinSwitch to activate it.

How to Use CoinSwitch

Now that I’ve answered the big-picture questions like, “Is CoinSwitch safe?”, it’s time for some hands-on practice! Let me teach you how to create an account and how to deposit money in CoinSwitch, as well as withdraw INR.

How to Create a CoinSwitch Account

As I noted earlier, the CoinSwitch login and registration might look a bit different from what you’re used to if you’ve only dealt with global mainstream exchanges before – but it’s definitely not rocket science! Here’s a step-by-step tutorial you can follow:

Step 1: On the CoinSwitch homepage, hover over [Products] and click [CoinSwitch Pro].

Step 2: On the right-side panel, click [SIGN UP].

Step 3: Enter your mobile phone number.

Step 4: Check both boxes and click [I AGREE AND GENERATE OTP].

Step 5: Enter the code you received as a text message and click [SUBMIT].

This is it! You can start using the exchange now.

How to Deposit on CoinSwitch

Next up, I’m going to show you how to deposit crypto into your account:

Step 1: On the CoinSwitch Pro interface, click [Crypto Deposit].

Step 2: Click [START DEPOSIT].

Step 3: Choose the crypto you wish to deposit.

Step 4: Click on the [Get Address] option of the selected crypto.

Step 5: Copy the deposit link by clicking on the copy icon.

All you have to do now is access the wallet you want to deposit from, go to withdrawals and paste the link in the address bar. You should see your crypto on CoinSwitch within a couple of minutes.

How to Withdraw From CoinSwitch

To repeat myself, CoinSwitch only allows withdrawals in INR (the same goes for rewards from CoinSwitch coupons). The withdrawal process is pretty simple and straightforward, though. Here’s what it looks like:

Step 1: Go to CoinSwitch Pro and click [Wallet & Fees].

Step 2: Select the “Withdraw” tab and enter the amount you want to withdraw.

Step 3: Check the bank details and click [Withdraw Now].

Step 4: Enter your login PIN code to confirm the withdrawal.

Step 5: Enter the verification code sent to your registered email and click [CONFIRM].

All done!

Comparison to Other Popular Exchanges

There’s only one thing still missing from this CoinSwitch review – the comparison chapter. If you’re eager to find out how this exchange holds up against the established crypto giants or whether the CoinSwitch Indian user base would be better served by another platform, you better not skip this one!

CoinSwitch VS Binance

In business since 2017, Binance hardly needs an introduction at this point – with over 250 million active traders and a daily trading volume of $9.3 billion, it’s currently the largest and most popular exchange in the CEX category. Binance offers almost double the amount of assets than CoinSwitch (400+) and more trading options, too: you’ll find margin, copy, and P2P trading.

Where Binance really shines is its competitive trading fees. Spot trading starts at 0.1% for takers and makers. On top of that, BNB holders get a 25% discount. Futures trading costs 0.02% for makers and 0.05% for takers, which is slightly less than CoinSwitch futures pricing.

While Binance doesn’t offer a personalized rampway for users of other exchanges the way CoinSwitch does for WazirX members, you’ll still find a wider range of bonuses and rewards programs than on CoinSwitch, including various trading competitions. Binance also has an edge over CoinSwitch for staking fans with its multiple earning options.

📚 Read More: Binance Review

CoinSwitch VS Kraken

One of the oldest exchanges in the crypto scene, Kraken prides itself on robust security measures (such as 95% cold storage for user funds), intuitive interface, and affordable pricing. You’ll find derivatives trading with 200+ multi-collateral contracts and margin trading with 5x leverage, as well as OTC service.

Kraken offers much more flexibility than CoinSwitch when it comes to crypto buying options – you can convert one asset to another and trade crypto on the spot trading market with several fiat currencies. Overall, there are 500+ assets on the spot trading platform.

Kraken’s spot trading fees start at 0.25% for makers and 0.4% for takers (non-VIP) and go all the way down to 0% on the highest tier. Perpetual contracts are more cost-effective for takers than the ones on CoinSwitch, too – futures trading fees are 0.02% and 0.05% for makers and takers, respectively.

📚 Read More: Kraken Review

CoinSwitch VS KuCoin

If there’s one area where this exchange easily dwarfs CoinSwitch, it’s trading options. You can choose between spot, margin, futures, leverage (up to 3x), options, and even pre-market trading (trading tokens that haven’t officially launched yet).

KuCoin offers over 900 assets for spot trading. Meanwhile, futures trading enthusiasts will be able to choose between three types of perpetual contracts (USDT-M, USDC-M, and Coin-M) and 376 markets.

Alongside advanced trading types, KuCoin supports several earning options, such as staking, lending, and dual investment. KuCoin's spot trading fees are lower than those on CoinSwitch – both makers and takers pay 0.1%. Futures trading costs 0.02% and 0.06% for makers and takers, respectively.

📚 Read More: KuCoin Review

CoinSwitch VS Huobi

Let’s see how our exchange in question fares against another popular alternative. While not quite in the same league as the first two, Huobi (currently known as HTX) still delivers a competitive package of margin, futures, OTC, and copy trading.

When it comes to the CoinSwitch VS Huobi stand-off, the latter clearly wins out in the fees department. Spot trading fees are about half as high as those on CoinSwitch, with 0.2% for both takers and makers.

📚 Read More: Huobi Review

CoinSwitch VS CEX.IO

CEX.IO comes with a choice of 200+ cryptocurrencies (about the same as CoinSwitch), as well as margin trading with up to 10x leverage, although it does lack the futures trading options --- that’s one point for CoinSwitch VS CEX.IO.

Unlike CoinSwitch, however, CEX.IO lets you buy crypto directly with a credit or debit card, not just a bank transfer. It also boasts lower trading fees, charging a 0.25% taker and 0.15% fee for spot trading.

📚 Read More: CEX.IO Review

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

Visit Site

Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

GET $200 REWARD

Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

$20 in BTC

Conclusions: Is CoinSwitch Right for You?

Hopefully, I was able to nudge you in the right direction with my CoinSwitch review – regardless of which decision you ultimately made. In a nutshell, CoinSwitch is a decent option for Indian users who prefer trading exclusively with INR and don’t see the need to move their funds off the platform in any form other than the Indian Rupee.

At the end of the day, however, choosing a crypto exchange is an incredibly personal process – so, as the saying goes, your mileage may vary!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Jaiswani B., Nimje P., Deotale P., Mahant M.: 'Cryptocurrency Trading Bot vs Buy and Hold Trading Strategy';

2. Qian J.: 'The Value of Auditor Assurance in Cryptocurrency Trading'.